Some news and views from UK academia and practice on the law, policy and practice of insolvency

Wednesday, 15 April 2009

Royal Court of Guernsey – a new case from a new resource

TheGuernsey Government has recently launched a new website (Guernsey Legal Resources) which provides excellent resources across the whole range of materials (legislation, reported decisions, etc). I do not yet have permission to view the full judgment database. Access to view has to be specifically requested. The following tantalising case headnote is however available. I will return to the judgment when (if?!) I get access to the database:

No 3/2009, (14.01.09), Royal Court, Companies (Guernsey) Law, 2008

Flightlease Holdings (Guernsey) Ltd v Flightlease (Ireland) Ltd

“Both parties are in voluntary liquidation – effect of Plaintiff’s claims for indemnity in respect of liability under guarantees relating to the Defendant’s liability to third party creditors – the rule in Cherry v Boultbee ("the fund ascertainment principle") – review of statutory provisions for liquidation of companies in Guernsey – rule against double-proof – law of set-off in Guernsey and pre-Napoleonic France – law of set-off in Jersey and in Scotland - adoption by Guernsey Law of English equitable principles in appropriate cases – the fund ascertainment principle is to be applied in the circumstances of the present case – ordered that no dividend be paid in the liquidation of the Plaintiff in respect of the Defendant’s agreed claim”

Picture Credit: http://www.thebayguernsey.co.uk/clientpics/Guernsey-80_large.jpg tip to Robert Goddard in relation to this case and this new source. Thanks Robert!

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Bankruptcy Blog - moving to Jordans Insolvency web service

The Bankruptcy Blog is proud to announce a new venture with Jordans Publishing and Guildhall Chambers that will see the launch of a new insolvency e-newsletter in April/May 2011. The newsletter will contain exclusive insolvency updates, bite-size case summaries on personal insolvency, corporate insolvency, cross-border issues and opinions on wide ranging topics of practical interest. The blog will form part of the new insolvency news service.

For the next six months or so a number of guest bloggers will post on the site. Professor Emily Kadens, of the University of Texas Law School, will be providing blog entries on her work highlighting her investigations into the history of English insolvency law. Please see here for more information on Professor Kadens. Professor David Graham QC will also be contributing material on his ongoing research into the history of the subject.

John Tribe notes:

This blog supports my insolvency law and company law teaching and scholarship. It is primarily an online notepad where I record important developments, news and other items that interest me. I occasionally also profess some general thoughts and ideas on the subject on the personal side and on the corporate side.

The primary audience for the blog is of course my insolvency law students and company law students. In this respect it is hoped that the blog will aid in Whitehead's vision, i.e. that “the proper function of a University is the imaginative acquisition of knowledge.” (A.N. Whitehead, 1929: 139, 145). It may also be of use to anyone else who has an interest in the subject. Those readers are also most welcome! The majority of photographs that appear on this blog are exhibits from the Muir Hunter Museum of Bankruptcy at Kingston University. The photographs were taken by Glen Pearson, an award winning professional photographer. Those pictures that are not from the museum collection and the reproduced secondary source material fall within s.32(1)(c) of the Copyright, Designs and Patents Act 1988.

This blog hopefully goes some way to rebut Lord Mishcon's view that, "Insolvency is not a very thrilling or amusing subject." (Lord Mishcon, Hansard , 15 January 1985). The blog is also my attempt at answering Montagu’s contention that: “Our professional duties consist, not merely in activity and in publication upon some practical part of professional knowledge, which repay themselves; but in availing ourselves of every opportunity to visit and strengthen the route and foundation of the science itself.” (Montagu, B. Some Observations upon the Bill for the Improvement of the Bankrupt Laws. Butterworths, London, 1822, at page 73). However, if you want to retain, "a mind unclouded by the study of English bankruptcy law" (Turnour Murray, A. Bankruptcy of Partners (1891) 7 LQR, 53-62, at page 54) look away now before it is too late!

A series of guest bloggers will also make contributions to the site over the coming months. Details will appear in due course. In addition to the news and policy discussions that make up the meat of this blog I plan in due course to go back through the nominate reports and add up case law summaries from old bankruptcy reports, afterall, as Mansfield observed: "A statute can seldom take in all cases, therefore the common law that works itself pure by rules drawn from the fountain of justice is for this reason superior to an Act of Parliament.”(per Lord Mansfield in Mychund v. Barker (1744) 1 Atk at page 33.)

The views and opinions expressed on this blog reflect those of the blog post authors and no institution or organisation. In terms of errors, the usual caveat applies. If you have any feedback or questions in relation to the blog (or find a link that is not working), please e-mail me: j.tribe@kingston.ac.uk